A study was completed of the atomic and molecular components of the ISM in NGC 6946. The distribution of molecular clouds was determined from a fully sampled CO map of the inner disk using the 14-meter telescope of the FCRAO. The distribution of atomic gas was derived from VLA observations at 40" resolution in the D configuration. When comparing the global CO and HI properties with other components of the galaxy, it was found that the azimuthally averaged radial distributions of CO, H-alpha, radio continuum and blue light all exhibit similar roughly exponential falloffs, while the azimuthally averaged HI surface densities vary by only a factor of 2 out to R = 16 kpc. This indicates that while the H-alpha/CO ratio is approximately constant with radius, the CO/HI ratio decreases by a factor of 30 from the center of the galaxy to R = 10 kpc.